Home Federal Bank and FHLB Dallas Provided Gap Funding for $16M Construction
KILLEEN, Texas–(BUSINESS WIRE)
The Killeen Housing Authority will build new affordable housing with the help of a $500,000 Affordable Housing Program (AHP) grant from Home Federal Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas), which will enable low-income and special-needs residents to move from a 1950s-era complex into a new, modern complex.
The housing authority received the grant, which will help fund the construction of the $16 million-Hyde Estates, an affordable housing complex with 76 units configured in duplexes and quadplexes.
“The AHP grant gave us the funds we needed to close the deal,” said Lisa Perata, executive director of The Killeen Housing Authority. “The project would not have gone forward without it, and we are so appreciative to have received this grant.”
Upon completion, residents of the housing authority’s Moss Rose facility will be relocated to Hyde Estates, which is named for a Genevieve Hyde, a beloved community volunteer who was a long-time postal service employee before retiring. Ms. Hyde lived in a housing authority property for the last 14 years of her life, until her death in 2015. During her lifetime, she volunteered with many agencies and served as a Killeen Housing Authority board commissioner.
Hyde Estates, located in the 4600 block of Cunningham, will provide residents with improved access to amenities, including health care, shopping and good schools, Ms. Perata said. Moss Rose facility is in an older portion of downtown with few amenities.
The housing authority officially broke ground on the facility in January and expects to complete construction by December 2018.
Home Federal Bank Senior Vice President of Commercial Banking Matt Sawrie said the bank is committed to giving back to the communities where it operates, and the AHP provides an avenue to do that.
“We believe Hyde Estates will provide high-quality affordable housing for Killeen’s residents, and we are pleased to be a part of the project through FHLB Dallas’ Affordable Housing Program,” Mr. Sawrie said.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Home Federal Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“The AHP is designed for projects like Hyde Estates that provide housing to our communities’ in-need residents, including the elderly and disabled,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We applaud Home Federal Bank for its commitment to the Killeen community.”
In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
About Home Federal Bank
Since 1924, Home Federal Bank’s prudent and responsible business practices have always kept us strong, stable and fully capitalized. Locally managed and headquartered in Shreveport since 1924, Home Federal is a full-service bank and offers a large range of financial options. For more information, visit https://www.hfbla.com/.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $65.1 billion as of March 31, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
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Federal Home Loan Bank of Dallas
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